National LGPS Frameworks and the Scheme Advisory Board (SAB) have partnered to launch the first iteration of the Cost Transparency and Benchmarking Services Framework.

Building on the LGPS Code of Transparency established by the SAB in 2017, the framework provides Local Government Pension Scheme (LGPS) funds, pools and administering authorities across the UK with a simplified route to procure cost transparency and benchmarking services from screened and qualified providers, helping to bring greater clarity to investment costs across the scheme.

The LGPS will be able to access services enabling the collation, validation, reporting, analysis, and benchmarking of investment cost data templates.

ClearGlass, Byhiras, Caceis Investor Services and CEM Benchmarking UK Ltd have been appointed as service providers on the newly launched National LGPS Procurement Framework for Cost Transparency and Benchmarking Services.

LGPS Scheme Advisory Board chair, Councillor Roger Phillips OBE, said: “With the contract for the board’s centralised cost data system coming to an end in August 2026, the board has decided that now is the right time to adopt a different approach.

“This new framework will enable LGPS clients to procure the services they need to collate, validate, analyse and benchmark their cost data via a simplified procurement process.

“Users will also have the assurance that their preferred providers have been appropriately screened to meet the necessary requirements."

He added the framework will be free to join to reduce overall costs.

The framework is divided into two lots: Investment Cost Data Collation and Reporting Services, and Investment Cost Data Analysis and Benchmarking Services.

The new providers have been appointed to either one or both portions of the framework.

ClearGlass CEO Tim Brown, said: “ClearGlass is proud to be appointed for both lots of this important new framework.

“The LGPS has long set the standard for cost transparency in UK pensions, and we look forward to supporting funds and pools across the United Kingdom with the high-quality data, analytics and benchmarking to drive value for money for members and stakeholders.”

The Cost Transparency and Benchmarking Services Framework is available until 4 May 2030.

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